Hive Digital Technologies (HIVE) continues its change for a pure-play Crypto Minor to a high-performance computing (HPC) service provider.
The 400 GPU fleet managed by two employees that started with a $ 100 million annual revenue. The company is taking advantage of advanced AI chips including NVidia’s H100s and upcoming Blackwell GPUS to run this growth.
Co-founder and executive president Frank Holmes and CEO Idin Kilik explained in a special interview with Cointelegraph at the NASDAQ Stock Exchange Headquarters in New York City, in a special interview on Hive’s strategy, where the company played the shutdown bail on Thursday.
Officers expanded The ongoing diversification of the hive In AI. Like other miners, Hive recognized AI as a potential use of energy than bitcoin (BTC) When measured in kilowatt-hour. This insight has inspired many crypto mining companies to include AI processing in their infrastructure, especially to combat profitability after 2024 due to 2024.
According to Holmes, Hive was publicly traded to pive the HPC in 2022. By the second quarter of 2023, HPC revenue first appeared on the company’s income details, and it has increased to an annual run rate of $ 20 million with the target of reaching $ 100 million by 2026.
Nevertheless, scaling HPC capacity should be carefully approached, given the “scuffle for electricity and land”, Killic said.
In response, Hive recently acquired a site near Piercen International Airport in Toronto, Canada, which achieves a strategic place capable of scaling HPC Power up to 7.2 MW.
The choice of Toronto was deliberately because it hives in the heart of a strong pipeline of AI talent, which includes connections to the University of Toronto and Canada’s AI ecosystem.
Despite the capital shift, the hive has maintained positive gross mining margin every quarter, even during the time Bitcoin’s recession in 2022Killic credits it to continue investing in the tight operating structure and hardware of the hive, reduces global energy efficiency as 17.5 joules (J/TH).
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Hive Stock is still performing as a bitcoin proxy
According to Killic and Holmes, high-margins such as high-margin computing high-demonstrations such as high-demonstration computing, its stock continues to behave like a botcoin proxy, reversing its evaluation.
After the company’s closing bell ceremony at NASDAQ, Hive shares posted a minor advantage and overturned 31% in the last month. However, year-on-year, the stock is 27%below, trading around $ 2.23 with a market capitalization of approximately $ 475 million.
Even with this instability, analysts released large -scale positive coverage on the high, indicating that the stock has been underwellized at existing levels. In February, HC Wenerite released the “purchase” rating with a $ 10 price target. Recently, Canaccord Genuity assigned the target of $ 9, repeating its “purchase” rating.
Chris Brandler, an analyst of Rosenbalat Securities, also looks upside down, citing HPC footprint and increasing operations in Paraguay.
As Coincidence reportHive acquired its pararagy facility from bitforms in January. Killic later told the Cointelegraph that the high looks at Paraguay A long -term investmentAvoid the country’s low-cost hydro power, geopolitical stability and government support.
Bitcoin mining on M&A activity growth
Although the hive bitcoin has expanded beyond its original mandate as minor, it looks at BTC as a main long -term strategic property.
Earlier this month, Hive announced that it was Doubled your daily bitcoin production More than six BTC. According to Holmes, that figure is expected to double for 12 BTC by thanksgiving, represents about 3% of the global bitcoin network.
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In January, the Cointelagraph reports that there were many miners Adopt a bitcoin treasury strategy To redeem the anticipated value appreciation, strengthen your balance sheet and hedge against currency risk. The trend emerged with a wide wave of consolidation of the industry, which began in mid -2024, operating in part by the latter economics and pivot towards AI.
Since the second quarter of 2024, according to data from the architecture partners, the M&A transactions have steadily increased.
Between mining and stacking firms, there were 10 transactions in the first quarter of 2025, priced at $ 188 million. In the previous quarter, eight transactions worth $ 266 million were completed.
The most notable merger of this month was finalized Getting coreweave core scientist Prices of $ 9 billion in an all-stock deal. Korveave first acquired more than one year of expressing interest in bitcoin minor, with the board initially rejected the offer as an underwellood.
Although Korvev was initially a crypto minor Before an infection for the AI Infrastructure provider, it is not necessary to acquire the core scientific that it is returning to the mining industry.
In announcing the core scientific acquisition, Korveave indicated its intention to re -introduce the property of the miners for HPC or to fully divide its crypto mining business.
Other notable M&A deals in the mining industry are included Acquisition of Marathon Digital Acquisition of Capital Mining Sites, Acquisition of Validus Power Assets of Hut 8, CleinSpark’s Grid Infrastructure Acquisition And Buddha Digital Mining Bitforms Purchase,
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